The Armenian government approved a bill on Wednesday that suspended article 76 of the Funded Pension Law.
The new bill suspends the article until the National Assembly can enact a legislative package to ensure full enforcement of a court ruling made on April 2. The legislative package was recognized as urgent and will be submitted to the National Assembly through the standard legislative channels.
Under the Funded Pension Law, citizens who failed to make a mandatory retirement payment within the established deadlines were forced to pay a statutory penalty of 0.15 percent for each day of default.
"I am confident that the pension reform should have a mandatory component in our country, but we must find a path to the benefit of everyone, which could promote people's participation in the process: 'mandatory, but not forced,'" Hovik Abrahamyan, the prime minister of Armenia, said. "I hereby promise you to consistently implement the scheme which will be in line with the Constitutional Court's decision and acceptable to different layers of society."
Armenia's government also approved a set of legislative amendments to the law on alternative tax audits and approximately a dozen other legal acts to introduce alternative tax audits and horizontal monitoring systems.
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